If you haven’t heeded my not so subtle hints about using a Realtor, listen up; Call a Realtor. He or she will walk you through the process of writing the offer and can give you valuable advice and market data that you can’t get anywhere else. Ask about Buyer agency, we will tackle this topic at a later date.
In part 1, I stated that real estate has traditionally been a safe investment and that is true, however the allure of flipping is the relatively quick return on your investment. Real estate, at least in our market, has never been considered a highly liquid investment. As a result; be very cognizant of that if you must finance any part of your project.
The institutional owners of these foreclosed properties do not like to dink around with “cluttered” offers. So what do I mean by cluttered? Offers with contingencies. So, when writing an offer on one of these properties do so with as few contingencies as possible; you should have had any inspections done prior to developing your business plan; if financing be prepared for short time-lines for appraisals and loan commitments.
Congratulations! You are now the proud owner of a house that needs your attention. Now you pray that you did your home work and there are no surprises lurking behind the walls or under the floors. Good Luck!
Remember to give me a call in a couple of months when the work is all done and you are ready to sell.
Pat McFarland
Broker Associate
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